Table 2.

Descriptive analysis of returns on the selected indices

Pre-event period: April 23, 2019 to January 22, 2020
Variable	Mean	Std. Dev.	Min	Max
FCHI	0.0003708	0.0083455	–0.0363548	0.022799
GDAXI	0.0005103	0.0085083	–0.0315633	0.028163
GSPTSE	0.0002786	0.0043749	–0.0188234	0.0095089
HIS	–0.0002854	0.0100841	–0.0294071	0.038251
KS11	0.0001068	0.0080247	–0.0309157	0.0185459
N225	0.0003927	0.0079342	–0.0219608	0.0252201
IMOEXME	0.0010487	0.0071472	–0.0201771	0.023948
FTSES100	0.0000332	0.007186	–0.032839	0.0222716
SSEI	–0.0002259	0.009656	–0.0600678	0.0304874
GSPC	0.0006371	0.0075685	–0.0302302	0.0212059
DJI	0.000465	0.0074962	–0.0309337	0.0204346
FII	0.0001257	0.0110148	–0.0332584	0.0317388

Post-event period: January 24, 2020 to April 17, 2020
Variable	Mean	Std. Dev.	Min	Max
FCHI	–0.0046424	0.0325833	–0.1309835	0.0805608
GDAXI	–0.0037886	0.0323979	–0.1305486	0.1041429
GSPTSE	–0.0033557	0.0393348	–0.131758	0.1129453
HIS	–0.0022162	0.0199164	–0.0498489	0.0492499
KS11	–0.0026186	0.0287846	–0.0876697	0.0825127
N225	–0.002933	0.0254183	–0.0627357	0.0773138
IMOEXME	–0.0035151	0.0274565	–0.0864601	0.0743494
FTSES100	–0.0042675	0.0294925	–0.1151243	0.086668
SSEI	–0.0007784	0.0174357	–0.0803916	0.0309795
DJI	–0.0030278	0.0416065	–0.1384181	0.1076433
GSPC	–0.0023891	0.038956	–0.1276522	0.0896832
FII	–0.005658	0.0378914	–0.182766	0.0681062

Source: authors’ calculation; the event date is January 23, 2020